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<Commodity>IEA Discussing Release of More Oil Stocks; Current Iran Crisis Worse Than Oil Shocks of 1970s/ Russia-Ukraine War
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Fatih Birol, Executive Director of the International Energy Agency (IEA), said that the IEA will consult with governments in Asia and Europe on the release of more oil stocks if necessary. The IEA will assess the situation, analyze and evaluate the market, and discuss with its member countries. The current Middle East crisis is extremely severe, worse than the two oil shocks of the 1970s, as well as the impact of the Russia-Ukraine war on natural gas, Birol added. The current Iran war reduced global oil supply by 11 million barrels per day, more than the total of the previous two oil shocks. He believed that the solution is to open the Strait of Hormuz, but decision-makers worldwide have not fully recognized the severity of the problem. AASTOCKS Financial News Website: www.aastocks.com |
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